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Meanwhile, rooms on the upper floors of the north and east sides are occupied by other members of the royal family.

Over 50,000 people visit the Palace each year as guests at occasions of all sizes, from small lunches to large-scale receptions.

Princess Charlotte and Prince George hold the hands of their father, Prince William, Duke of Cambridge, as they arrive at the Chapel Royal, St James's Palace, London for the christening of their brother, Prince Louis, who is being carried by their mother, Catherine, Duchess of Cambridge on July 09, 2018 in London, England (Image: Dominic Lipinski - WPA Pool/Getty Images)

According to The Times, Prince Charles wants to give up Buckingham Palace as the royal residence, and continue living at Clarence House, while turning Buckingham Palace into a more businesslike "monarchy HQ."

A source said: "I know he is no fan of 'the big house', as he calls the palace.

"He doesn't see it as a viable future home or a house that's fit for purpose in the modern world.

"He feels its upkeep, both from a cost and environmental perspective, is not sustainable."